Bank reconciliation - speed issues

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  • Updated 6 days ago
  • (Edited)
We reconcile all our branches bank accounts on a daily basis, but only finalise the reconciliation on a monthly basis. I.e. when we have ticked the transactions for the day for each bank account we choose 'leave' and we only choose 'reconcile' at monthend.
We find that especially during the second half of the month the bank reconciliation process becomes very very slow for each branch (I guess due to the quantity of transactions that are included). How do others do this: do you recommend reconciling the account bi-monthly or even weekly? Or are there any other tips on how to make this process quicker? Thank you
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Caroline Plowman

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Posted 1 week ago

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John Graetz

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Hi Carolie.  I will ask you the obvious question - what is stopping you finalising the reconciliation each day, instead of only at the end of the month?
John L G
(Edited)
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Caroline Plowman

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Because then we would have way too many bank reconciliation reports: this way there are 12 per year per branch (times ten branches: which is sufficient)...
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Kevin Russell, Accredited Partner

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Which is why regardless of the statement date you should always revoncile to the end of the month. Its a lot less hassle
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June Hong

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We reconcile daily so it is good most of the time. Maybe just try a daily or weekly basis.
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Kevin Russell, Accredited Partner

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June do what I fo. Reconcile it every day but reconcile it to the end of the month. That way you only have twelve reconciliations at the end of the year. I dont know why everyone doesnt do this. Its the sensible thing to do.
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Caroline Plowman

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That's what we do but as of about halfway through the month, the speed slows down a lot and given we have ten branches, this takes a considerable amount of time to load each statement daily...
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Kevin Russell, Accredited Partner

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What do you mean "load each statement"? Are you importing the qif files?
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Caroline Plowman

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No I mean when you open up the bank reconciliation to tick the cleared items off: the opening itself takes a long time during the second part of the month when there are a lot of transactions...
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Kevin Russell, Accredited Partner

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So are you importing the qif files?
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Caroline Plowman

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No we are not importing any qif files; just clicking reconcile in Reckon and opening up the page with bank transactions takes a few minutes per branch. It is the speed and that times ten on a daily basis which concerns me and is a waste of time.
I always recommend entering transactions/maintaining correct balance daily but RA "Reconciling" as per actual Statements only.  This allows matching of all totals - opening, closing & debits/credits - with the source document.
(Edited)
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John Graetz

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So Caroline, why don't you get your bank to issue your bank statement twice a month, or even weekly.  That will provide you with the audit trail of opening and closing balances, together with debits and credits for the period, as a further matching means.  Yes, will will end up with more completed reconciliations throughout the year, but it doesn't take too much time to complete a full reconciliation.  Compare the time that this takes, to the extra and increasingly extra time that is taking for Reckon to open up an increasingly longer time each day because of the extent of your myriad of transactions that you have and the frustrations that you are currently experiencing.
John L G
(Edited)
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Kevin Russell, Accredited Partner

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John if you download the transactions it takes practically no time at all. I dont know why people would prefer to simply waste time on unproductive activities
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Caroline Plowman

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Thanks John, yes I can print bank statements for whichever period I choose too, that's not the problem. I just prefer to have less reports to revert back to when there is an issue but we are going to try and see whether one report for 1-15th and one for 16th to 31st resolves the problem:) hopefully a happy medium...
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Kevin Russell, Accredited Partner

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Caroline it really isnt necessary. Just my two penneth
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Caroline Plowman

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So what is your solution Kevin to deal with the speed issues?